8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 26, 2011


CHICAGO BRIDGE & IRON COMPANY N.V.
(Exact name of registrant as specified in its charter)

The Netherlands
(State or other jurisdiction of incorporation)

1-12815	N.A.
(Commission File Number)	(IRS Employer Identification No.)

Oostduinlaan 75 2596JJ The Hague The Netherlands	N.A.
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:  31-70-373-2010

N.A.
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2 below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

(a)       On April 26, 2011, Chicago Bridge & Iron Company N.V. issued a press release announcing financial results for the quarter ended March 31, 2011.  A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	99.1 – Press Release dated April 26, 2011

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CHICAGO BRIDGE & IRON COMPANY N.V.
		By:	Chicago Bridge & Iron Company B.V.
		Its:	Managing Director
Date: April 26, 2011	By:	/s/ Ronald A. Ballschmiede
			Ronald A. Ballschmiede
			Managing Director
			(Principal Financial Officer)

EXHIBIT INDEX

Exhibit Number	Exhibit Description
99.1	Press release dated April 26, 2011

EX-99.1

Exhibit 99.1

CB&I Reports First Quarter 2011 Results

Earnings up 20% over Q1 2010

THE WOODLANDS, Texas--(BUSINESS WIRE)--April 26, 2011--CB&I (NYSE:CBI) today reported net income of $50.5 million, or $0.50 per diluted share, for the first quarter of 2011, compared with $42.2 million, or $0.42 per diluted share, in the first quarter of 2010. Revenue for the quarter was $954.3 million compared with first quarter 2010 revenue of $869.3 million. New awards totaled $1.012 billion compared with $560.2 million in the first quarter 2010, increasing the Company’s backlog to $7.04 billion.

During the quarter, the Company returned $42.0 million to shareholders, which included $37.0 million of stock repurchases and $5.0 million through the resumption of quarterly cash dividends. Cash and cash equivalents as of March 31 were $430.3 million.

“CB&I had solid operating performance in all three business sectors, leading to a first quarter consolidated gross profit of 14.3%, and operating income of 7.9% of revenue,” said Philip K. Asherman, President and CEO. “As we look to the future, the momentum in our end markets, our ability to capitalize on major new opportunities, and our proven technology and project execution capabilities reinforce our confidence in the earnings potential of the Company.”

Earnings Conference Call

CB&I will host a webcast on April 26 at 4:00 p.m. Central time (5:00 p.m. Eastern time) to discuss financial and operating results, and answer questions from investors. The webcast is available at www.CBI.com Investor Relations/Company Highlights.

About CB&I

CB&I (NYSE:CBI) engineers and constructs some of the world’s largest energy infrastructure projects. With premier process technology, proven EPC expertise, and unrivaled storage tank experience, CB&I executes projects from concept to completion. Safely. Reliably. Globally. For more information, visit www.cbi.com.

Forward-Looking Statement

This release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases, or expressions such as “achieve,” “forecast,” “plan,” “propose,” “strategy,” “envision,” “hope,” “will,” “continue,” “potential,” “expect,” “believe,” “anticipate,” “project,” “estimate,” “predict,” “intend,” “should,” “could,” “may,” “might,” or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and “Forward-Looking Statements” described under “Risk Factors” in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2010, and any updates to those risk factors or “Forward-Looking Statements” included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

Chicago Bridge & Iron Company N.V.
Consolidated Statements of Operations
(in thousands, except per share data)
	Three Months
	Ended March 31,
	2011			2010
Revenue	$	954,271		$	869,324
Cost of revenue		817,555			747,043
Gross profit		136,716			122,281
% of Revenue		14.3	%		14.1	%
Selling and administrative expenses		57,665			51,248
% of Revenue		6.0	%		5.9	%
Intangibles amortization		6,292			5,948
Other operating (income) expense, net		(898	)		73
Equity earnings		(1,346	)		(3,509	)
Income from operations		75,003			68,521
% of Revenue		7.9	%		7.9	%
Interest expense		(3,057	)		(3,720	)
Interest income		1,372			1,236
Income before taxes		73,318			66,037
Income tax expense		(21,754	)		(21,132	)
Net income		51,564			44,905
Less: Net income attributable to noncontrolling interests		(1,058	)		(2,714	)
Net income attributable to CB&I	$	50,506		$	42,191
Net income attributable to CB&I per share:
Basic	$	0.51		$	0.43
Diluted	$	0.50		$	0.42
Weighted average shares outstanding:
Basic		98,540			98,728
Diluted		100,847			100,952
Cash dividends on shares:
Amount	$	4,990		$	-
Per Share	$	0.05		$	-

Chicago Bridge & Iron Company N.V.
Segment Information
(in thousands)
	Three Months Ended March 31,
	2011				2010
			% of				% of
NEW AWARDS*			Total				Total
CB&I Steel Plate Structures	$	291,544	29	%	$	187,430	33	%
CB&I Lummus		586,703	58	%		273,710	49	%
Lummus Technology		133,316	13	%		99,100	18	%
Total	$	1,011,563			$	560,240
			% of				% of
REVENUE			Total				Total
CB&I Steel Plate Structures	$	368,708	38	%	$	334,908	38	%
CB&I Lummus		464,570	49	%		466,102	54	%
Lummus Technology		120,993	13	%		68,314	8	%
Total	$	954,271			$	869,324
			% of				% of
INCOME FROM OPERATIONS			Revenue				Revenue
CB&I Steel Plate Structures	$	36,924	10.0	%	$	32,093	9.6	%
CB&I Lummus		15,015	3.2	%		19,288	4.1	%
Lummus Technology		23,064	19.1	%		17,140	25.1	%
Total	$	75,003	7.9	%	$	68,521	7.9	%
* New awards represents the value of new project commitments received by the Company during a given period.

Chicago Bridge & Iron Company N.V.
Condensed Consolidated Balance Sheets
(in thousands)
	March 31,			December 31,
	2011			2010
ASSETS
Current assets	$	1,320,975		$	1,206,648
Equity investments		93,846			92,400
Property and equipment, net		279,359			290,206
Goodwill and other intangibles, net		1,164,014			1,154,256
Other non-current assets		159,475			166,024
Total assets	$	3,017,669		$	2,909,534
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable	$	4,817		$	334
Current maturity of long-term debt		40,000			40,000
Other current liabilities		1,452,246			1,400,299
Long-term debt		40,000			40,000
Other non-current liabilities		338,865			345,056
Shareholders' equity		1,141,741			1,083,845
Total liabilities and shareholders' equity	$	3,017,669		$	2,909,534
Chicago Bridge & Iron Company N.V.
Condensed Consolidated Statements of Cash Flows and Other Financial Data
(in thousands)
	Three Months Ended March 31,
	2011			2010
CASH FLOWS
Cash flows from operating activities	$	(39,362	)	$	14,279
Cash flows from investing activities		(2,416	)		(2,970	)
Cash flows from financing activities		(24,238	)		(3,121	)
Effect of exchange rate changes on cash		14,535			2,567
(Decrease) increase in cash and cash equivalents		(51,481	)		10,755
Cash and cash equivalents, beginning of the year		481,738			326,000
Cash and cash equivalents, end of the period	$	430,257		$	336,755
OTHER FINANCIAL DATA
(Increase) decrease in receivables, net	$	(122,931	)	$	49,548
Change in contracts in progress, net		(13,196	)		9,408
Increase (decrease) in accounts payable		39,314			(92,949	)
Change in contract capital	$	(96,813	)	$	(33,993	)
Depreciation and amortization	$	17,266		$	19,721
Capital expenditures	$	5,013		$	4,478
	March 31,			December 31,
	2011			2010
Backlog *	$	7,039,712		$	6,906,633
* Backlog includes the value of new award commitments until work is performed and revenue is recognized or until cancellation. Backlog may also fluctuate with currency movements.

CONTACT:
CB&I
Media: Jan Sieving, +1 832-513-1111
or
Investors: Christi Thoms, +1 832-513-1200